Fredericton, NB - October 12, 2018 - Eigen Innovations, a Fredericton-based IoT solutions provider for manufacturing systems, has closed $3.5M in its latest round of equity financing aimed at fueling additional growth in the company. The Honorable Mary Ng, Minister of Small Business and Export Promotion, alongside some of the company’s investors, celebrated the close at Eigen’s Fredericton headquarters today. At the event, one of those investors, BDC Capital’s Women in Technology Venture Fund (WIT), also announced two additional investments in up-and-coming tech companies with women at the helm.
“These funds allow us to bring greater depth and diversity to our team as we continue to evolve our AI-enabled technology and enhance our capabilities to deliver value to our industrial manufacturing clients,” said Erin Barrett, Eigen’s Vice President, Business Strategy. “We’re thankful for the renewed support from NBIF and BDC Capital, and thrilled to have Globalive Technology be a significant part of our journey. We are also proud to receive investment from the Women in Technology Venture Fund, who is helping pave the way for female leaders and founders that want to create new ventures.”
Eigen provides software that helps manufacturers optimize highly complex and repeatable processes using AI enabled technology. Its funding round includes investments from lead investor Globalive Technology Inc., BDC Capital’s Women in Technology Venture Fund, NBIF’s Venture Capital Fund, Opportunities New Brunswick (ONB), and over $1 million from New Brunswick angels who have been strong supporters since the inception of the company.
“We are impressed with Eigen’s growth to-date and its expanding business with some of the most prominent brands in automotive manufacturing,” said Anthony Lacavera, Globalive Technology’s founder and CEO. “With a strong leadership team in place and a proven and innovative AI solution, we believe the company is poised for further growth with industrial manufacturers in Canada and around the globe.”
“The government launched the Women Entrepreneurship Strategy because we believe that women’s economic empowerment is not just the right thing to do but it’s also good for the bottom line” said Minister Ng. “BDC Capital’s Women in Technology Venture Fund supports women in building and scaling up their businesses, while also empowering the next generation of women business leaders.”
The full and equal participation of women in the economy is essential to Canada’s competitiveness because when women succeed, everyone succeeds. This is why the Government of Canada announced the Women Entrepreneurship Strategy, a $2 billion investment that will improve women’s access to capital, advice, best practices and targeted, gap-closing supports. As part of this effort, BDC has increased its lending target for majority-owned women entrepreneurs to $1.4 billion. It also increased the Women in Technology Venture Fund to $200 million making it one of the world’s largest venture funds investing only in women-led technology companies.
“In order to make a lasting impact on the business landscape, it’s critical to demonstrate the value of diverse teams and pave a path for success for girls and women who are interested in a future in tech and investments,” said Michelle Scarborough, Managing Director, Strategic Investments and BDC Capital Women in Technology Venture Fund. “That’s why we look to partner for long term success in companies that bring together the right technology, team and resources to disrupt and transform today’s markets, think big and have the passion and drive for success. The three companies we announced today, do this in spades.”
The two additional companies that received investment from BDC Capital’s Women in Technology Venture Fund include:
- Beanworks (Vancouver, BC) and CEO and co-founder, Catherine Dahl. Beanworks empowers accounting teams to succeed by automating accounts payable.
- Kiite (Waterloo, ON) and co-founder Donna Litt. Kiite has built the world’s first Intelligent Sales Assistant.
About Eigen Innovations
Founded in 2012, Eigen Innovations was born from the belief that the true potential of Artificial Intelligence within manufacturing would only be discovered by introducing tangible uses cases on the factory floor. Eigen empowers our customers to introduce different levels of autonomy within their manufacturing operations directly impacting their bottom line. We start by focusing on the machines & lines that drive the biggest costs and the highest cycle times, allowing for an immediate return on investment and, ultimately a scalable path to autonomous manufacturing.
About BDC Capital
BDC Capital is the investment arm of BDC- Canada’s only bank devoted exclusively to entrepreneurs. With $3 billion under management, BDC Capital serves as a strategic partner to the country’s most innovative firms. It offers a full spectrum of risk capital, from seed investments to transition capital, supporting Canadian entrepreneurs who wish to scale their businesses into global champions. Visit bdc.ca/capital.
About Women Entrepreneurship Strategy
A centerpiece of Budget 2018, the Women Entrepreneurship Strategy is a comprehensive, whole-of-government plan to help women grow their businesses through access to financing, talent, networks and expertise. It highlights the Government of Canada's commitment to create a diverse, inclusive economy that supports prosperity and a better quality of life for all. Through the strategy, the Government of Canada will support women entrepreneurs in starting and growing world-class businesses that can compete and win on the world stage, boost economic growth and create good middle-class jobs.